Melbourne Top Investment Choice for Chinese Buyers

Chinese buyer enquiries for residential property in Australia has recorded two consecutive quarters of year-on-year growth for the first time since 2016, with Melbourne still the most popularAustralian city.

But Australia's hefty state foreign buyer taxes have been counterbalanced by its weakening dollar according to the latest Juwai.com report, which has seen it drop around 11 per cent of its value against the Chinese Yuan since mid-2018.

Juwai.com CEO Carrie Law says she expects Chinese buying to remain flat in 2019, with forecasts it could start to grow again inline Australia’s property market recovery.

“Chinese buyers make 83 per cent more enquiries about acquiring Melbourne property than they do Sydney,” Law said.

Brisbane has the second fastest rate of Chinese buyer growth. Law said Brisbane recorded 30.8 per cent more Chinese buyer enquiries in 2018.

“Brisbane is becoming a real alternative for the two traditional gateway cities of Melbourne and Sydney.